We're looking to buy a home in the $900,000 to $1M here in San Diego. Is anyone doing 80-10-10 loans for this price range?

Asked by Susan Thomas, San Diego, CA Sat Jan 26, 2013

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Daniel Lehman, , San Diego County, CA
Sat Jan 26, 2013
OK, sorry for the multiple posts. This is how you should structure the purchase...

Prospective Purchase Price: 1,000,000.

First Lien: High Balance Conforming at max of 546,250.

Rate would be in the mid 3% range, with no points.

You put 10% down (100K)

The difference between the 900K and the 546,250 is 353,750.

There is a lender that will do a second mortgage up to 350K AND up to 90% LTV with no more than 1MM in TOTAL LOANS. So, that gets you where you need to be...

The fact that you have the large second will increase the monthly cost, BUT, the fact that you are going conventional as opposed to Jumbo will lower your cost as well...

Again, sorry for the multiple posts, but that is probably how I would look at structuring it if I am unable to find you a lender willing to do the 80/10/10...

Daniel Lehman
WJ Bradley Mortgage, LLC
1 vote
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Sun Jan 27, 2013

It may not be exactly what you had in mind, but we offer a single-loan, 90% LTV solution. Max loan amount would be $875K. Yes, there would be PMI, but depending on your other options it may be worth consideration.

Let me know if I can assist further.

Rob Spinosa
RPM Mortgage
0 votes
Joel Blumenf…, Agent, San Diego, CA
Sun Jan 27, 2013
In my office, Prudential California Realty, my inhouse lenders can absolutley offer this loan. They have fabulous options in the $1M price range. Please feel free to contact me if you should need a dedicated Realtor and an in house lender to get the ball rolling.. Thanks!
Joel Blumenfeld
0 votes
, ,
Sat Jan 26, 2013
We offer for 90% combined loan to value oand for up to 1.375 Mil., a 80% first and are OK with a 10% second lien behind our first...(I just do not who will do that loan...most likely Private Money, Seller Carry Back, Employer 2nd..etc. But regardless of whether the lender of the 2nd lien is a private-party individual or an institution, a copy of the note will be required and would have to meet certain parameters...

We can do that same first at 80% with a 5% second all in house (this means that you will have to bring in 15% instead of 10%)

Feel free to call me if you have furher questions (We lend all over Californi)
0 votes
Theresa Organ, Agent, Vista, CA
Sat Jan 26, 2013

Good question! I asked it of one of my loan brokers a few months back for one of my clients that needed/wanted this program to get into their new home. We did it. Their first was a jumbo loan, but not as large as yours depending how much you are putting down.

I would be glad to get you in touch with my broker. Feel free to contact me.


Theresa Organ, Realtor
CA DRE# 01506680
Coldwell Banker Residential Brokerage
0 votes
Hector Gaste…, Agent, Coronado, CA
Sat Jan 26, 2013

One of my affiliates has a creative way to finance with 10%, I would love to talk and get to know what you are looking to do in order to better assist you,

Hector R. Gastelum
Republican Candidate for California State Senate District 40
& Realty Executives Dillon
REALTOR #01382940
2240 Otay Lakes Rd. #306
Chula Vista, Ca 91915
efax 619-270-2516
0 votes
Daniel Lehman, , San Diego County, CA
Sat Jan 26, 2013
The other possible option to look into is doing a high balance conventional at 546,250 and making up the difference with a second mortgage. So it wouldn't be a 80.10.10, but you might do something like a 546,250 (san diego limit) first, and the difference on a second up to the 90%. Since the first mortgage would not be a jumbo, your combined loan to value would not be limited. In other words, you WOULD be able to go up to the 90% (when with anything above 546,250 you wouldn't).

I also think that I have a source for that kind of second.

The down side is that you would have a heavy weighted second, so your overall payment might increase slightly, but that might be your only option if income is good, but assets are an issue...

Again, drop me an email and I can get you the full scope of your options, and some contacts... Even if I can't personally take care of you, if there is ANYTHING out there, I am good at finding options...

0 votes
Daniel Lehman, , San Diego County, CA
Sat Jan 26, 2013
Our in-house product only goes to 80%, or 20% down... I can look around for you and point you in the right direction if you'd like... Your best bet is going to be a portfolio lender like UBOC, or US Bank, or something similar..

I can get some info for you if you'd like and send it your way when I get into the office Monday.

My email is daniel.lehman@wjbradley.com if you would like to shoot me an email and I can respond with some options...


0 votes
Jason Richar…, Agent, Encinitas, CA
Sat Jan 26, 2013
I concur with my colleagues below. The best chance of getting that is with a seller carry back, but even those are hard to come by in today's markets.
0 votes
Royce Kemp, Agent, San Diego, CA
Sat Jan 26, 2013
Hi Susan, no one is doing seconds that high anymore! What is the actual problem you're trying to solve?
0 votes
Cindy Davis, Agent, San Diego, CA
Sat Jan 26, 2013
Hi Susan,

There aren't as many loan options as there used to be...but there are indeed some 10% down options. I can refer you to several reputable lenders in the area. If you would like assistance with your real estate, please give me a call.

Take care.
0 votes
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